PR95903

NEW YORK and SINGAPORE, May 11, 2022 /PRNewswire=KYODO JBN/ --

- CoverGo's Series A highlights the company's rapid growth and success, with

annual recurring software revenue increasing more than 10x since January 2021.

CoverGo(https://covergo.com/), the leading global enterprise no-code SAAS

insurance platform, today announced it has secured $15 million in Series A

funding led by California-based SemperVirens VC with participation from US

venture capital firms SixThirty, Tribeca Early Stage Partners and Fresco

Capital. Strategic investors include pan-African insurance group Old Mutual,

Asia-based insurance group Asia Financial Holdings, US-based XN Worldwide

Insurance (part of the Henner Group) and Middle East and African insurance fund

Noria Capital. Existing insurtech investors also participated in the

oversubscribed round.

Caribou Honig, general partner of SemperVirens, also known as the Godfather of

Insurtech and founder of the world's largest insurtech conference InsureTech

Connect, will also be taking a board observer seat as part of the investment.

A growing number of P&C, health and life insurance companies and emerging

insurtech companies have adopted CoverGo's platform to build and launch all

types of insurance products within days, develop omni-channel distribution,

streamline policy admin and automate claims processes. As a result, CoverGo's

annual recurring revenue grew more than 10x since January 2021.

CoverGo is already working with major insurance companies such as AXA, MSIG

(MS&AD Insurance Group), Dai-ichi Life and Bank of China Group Insurance, and

delivery partners such as Deloitte, Accenture, IBM and Synpulse in Asia, US,

Canada, Latin America, Middle East and other markets across the globe. The new

investment will help accelerate CoverGo's international expansion, develop its

partner network with consulting companies and grow the sales and engineering

teams in the US and Asia-Pacific to meet the increasing demand for the CoverGo

platform.

"There are only a handful of technologies that are significantly transforming

the insurance industry, and no-code is clearly on the short list," said Caribou

Honig.  "As carriers lean into enabling innovation, CoverGo is uniquely

positioned to accelerate their digital transformation and drive efficiencies

across the insurance value chain. CoverGo's next-generation platform is

providing carriers an unbeatable mix of speed to market, cost savings, and

security to succeed both now and in the future. We are excited to support

CoverGo on its growth journey and expansion in the US market."

"Insurance companies realize now more than ever that custom IT development is

too slow and costly while off-the-shelf software packages can't satisfy

changing product requirements and customer needs. This is why we see fast

growing demand worldwide for a truly configurable no-code platform allowing

companies to be agile and stay relevant in the changing world," said Tomas

Holub, CEO and Founder of CoverGo. "The new funding and unique mix of strategic

insurance investors will help accelerate adoption of CoverGo by insurance

companies globally."

Learn more about why insurance companies are choosing CoverGo at

covergo.com(https://covergo.com/).

About CoverGo

CoverGo has developed the insurance industry's first out-of-the-box, modular,

no-code insurance platform powered by over 500 open insurance APIs enabling

insurance companies to transform digitally in the most flexible, scalable and

cost-effective way. P&C, health and life insurance companies use CoverGo to

build and launch all types of insurance products within days, develop

omni-channel distribution, streamline policy admin and automate claims

processes. To learn more, visit https://covergo.com.

About SemperVirens VC

SemperVirens is a leading US-based ecosystem-driven investment firm focused on

companies in the workforce, healthcare, and financial technology markets. The

firm has a network of executives, industry analysts, and distribution partners

that serve as a proprietary platform for accessing, analyzing, and amplifying

the most promising companies in its target sectors.

Media Contact

Julien Hauss

Email: hello@covergo.com

SOURCE: CoverGo